Northwest Bancshares Inc. Decreases Stock Holdings in Cummins Inc. (NYSE:CMI)

Northwest Bancshares Inc. reduced its position in shares of Cummins Inc. (NYSE:CMI) by 16.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,557 shares of the company’s stock after selling 3,830 shares during the period. Cummins comprises approximately 1.1% of Northwest Bancshares Inc.’s portfolio, making the stock its 21st largest position. Northwest Bancshares Inc.’s holdings in Cummins were worth $6,332,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Pathway Financial Advisers LLC lifted its position in Cummins by 31,489.1% in the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after acquiring an additional 2,523,854 shares during the last quarter. International Assets Investment Management LLC lifted its position in Cummins by 38,765.8% in the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after acquiring an additional 972,247 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Cummins by 8.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after acquiring an additional 604,735 shares during the last quarter. Jupiter Asset Management Ltd. purchased a new stake in shares of Cummins in the second quarter valued at about $68,018,000. Finally, SG Americas Securities LLC raised its holdings in shares of Cummins by 1,012.0% in the second quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock valued at $54,574,000 after buying an additional 179,346 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total value of $784,065.87. Following the sale, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,540,879.47. This represents a 9.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. This represents a 23.85 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,576 shares of company stock valued at $9,033,945. 0.56% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. The Goldman Sachs Group upped their target price on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a report on Wednesday, November 6th. Truist Financial upped their target price on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Robert W. Baird raised their price objective on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Finally, Barclays lifted their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $334.33.

Cummins Price Performance

Shares of NYSE:CMI opened at $361.73 on Wednesday. Cummins Inc. has a 12 month low of $220.02 and a 12 month high of $370.21. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The business’s 50 day simple moving average is $331.59 and its 200-day simple moving average is $302.93. The firm has a market capitalization of $49.62 billion, a price-to-earnings ratio of 23.89, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same quarter in the prior year, the company earned $4.73 EPS. Cummins’s revenue was up .3% on a year-over-year basis. As a group, equities analysts forecast that Cummins Inc. will post 20.57 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s payout ratio is currently 48.08%.

Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.